VirtuaLaw Blog

Critical Analysis of Indian Corporate Laws

S. 59 of IBC and Voluntary Liquidation under Companies Act

The Hon’ble NCLAT has held that the jurisdiction exercised by the Adjudicating Authority is vested in it and cannot be termed improper. Despite being of the view that the claim initially left out by the Respondent No.1 was payable, the Liquidator proceeded to reject the same without any justifiable reason which cannot be supported.
Read More »

TIMELINES IN RESOLUTION PLAN RELAXED BY NCLT ON ACCOUNT OF COVID-19

The Adjudicating Authority found that there is no material change in the Resolution plan save and except modification/concession/relaxation in respect of time line of payment to the creditors and/ or stake holders and the relief sought appears to be genuine and bonafide. Therefore, the Resolution plan has been approved by the adjudicating authority with a modified time frame/timeline.
Read More »

HELICOPTER MONEY – Saving the Economy from Pandemic

Postulated by Friedman the term Helicopter Money is an unconventional tactic, wherein a large sum of new money, which is printed and distributed among the public to stimulate economic growth. The Author made an attempt to illustrate how Helicopter Money can save the economy from pandemic.
Read More »

CIRP APPLICATION CAN BE ADMITTED EX-PARTE

According to Section 7 of the code, application for initiation of CIRP is admitted after ascertaining the existence of default in respect of debt owed. In this case, the CD has acknowledged the existence of default but neither repaid it nor filed any reply-affidavit to the notices which clearly indicates that there is no violation of principles of natural justice by the Adjudicating Authority. Accordingly, the NCLAT dismissed the appeal.
Read More »